Live Markets: Trump win launches Wall Street to record highs

Geo

06/11/2024 21:10

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      Main U.S. indexes surge to all time closing highs
    

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      Financials lead S&P sector gainers; Real Estate weakest
group
    

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      Dollar jumps; bitcoin up ~10%; crude slips; gold down ~3%
    

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      U.S. 10-Year Treasury yield advances to ~4.44% 
    

  
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    TRUMP WIN LAUNCHES WALL STREET TO RECORD HIGHS
    U.S. stocks surged on Wednesday as the American people's
decision to re-hire Donald Trump as its President catapulted all
three major U.S. stock indexes to all-time closing highs.
    The S&P 500  .SPX  and the Dow  .DJI  enjoyed their largest
percentage gains in nearly two years.
    The day's biggest winners included banks  .SPXBK , airlines
 .SPCOMAIR , small caps  .RUT  and transports  .DJT , all of
which outperformed the broader indexes as investors rushed to
determine how best to play the Trump victory.
    Among individual stocks perceived as Trump-friendly, Tesla
 TSLA.O  jumped 14.8%, for profit prison operator Geo Group
 GEO.N  soared 42.1%, and Coinbase  COIN.O  surged 31.1%.
    Bitcoin  BTC=  shot to a record high of over $75,000.
    Losers include retailers, amid Trump's threat of tariff
hikes on China, and green energy firms, who risk losing
subsidies under a second Trump administration.
    On Thursday, the Federal Reserve will conclude its two-day
monetary policy meeting, which is expected to culminate with a
25 basis point reduction in the Fed funds rate. 
    Financial markets have cemented a 99% likelihood of that
occurring, and a somewhat less certain 70.8% possibility of
another 25 bps cut in December, according to CME's FedWatch
tool.
    Economic data on tap for Thursday includes jobless claims,
the Labor Department's first stab at third-quarter labor costs
and productivity and the Fed's latest data on outstanding
consumer credit.
    Here's your closing snapshot:
    
    
    (Stephen Culp, Chuck Mikolajczak)
     *****
      
    
    FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
    
    TURNING ATTENTION TO THURSDAY'S FOMC DECISION - CLICK HERE
    
    MOMENTUM HAS BEEN THE HORSE TO BEAT, BUT ARE SMALL AND MID
CAPS MAKING A RUN? - CLICK HERE
    
    MORTGAGE SEESAW: RATES JUMP UP, DEMAND TUMBLES - CLICK HERE
    
    U.S. STOCKS SURGE TO RECORD HIGHS, BUT TRADERS EYE YIELD
JUMP- CLICK HERE
    
    FROM RED TIDE TO GREEN TIDAL WAVE, U.S. STOCKS POISED TO
JUMP ON TRUMP WIN - CLICK HERE
    
    U.S. FISCAL RISKS MAY LURE BOND VIGILANTES - CLICK HERE
    
    STOXX EYES BEST DAY IN A YEAR, VOLATILITY CRUSHED - CLICK
HERE
    
    EUROPE BEFORE THE BELL: FUTURES RISE, NOVO EARNINGS - CLICK
HERE
    
    'TRUMP TRADES' IN FULL SWING - CLICK HERE


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Closing snapshot    https://reut.rs/40C4uCN
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